WB Allocates $1.8b For Pakistan Projects

Islamabad, April 23, IRNA - The World Bank has allocated $1.8 billion for Pakistan's development projects, mainly in energy sector, in the current year, Finance Minister, Abdul Hafeez Shaikh has said. The World Bank announced the funding in a meeting between its Vice President Isabel Guerrero and Shaikh in Washington, the Finance Ministry announced. The meeting took place during the IMF-World Bank annual Spring gathering of economic leaders from around the world. 'This is a big sign of confidence in Pakistan's ability to accomplish development for its people that the World Bank is allocating unprecedented amount in one year,' Shaikh said. The amount, follows last year's $1.2b assistance, and will be spent on upgrading and completing development projects in energy and water sectors as well as infrastructure, social and reforms programs. The World Bank vice president was appreciative of Pakistan's economic performance in these difficult times of global economic and regional challenges,' the finance minister said./end